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Friday, January 15, 2010

The Dow dropped 100 points today on average volume. Advance/declines were over 2 to 1 negative. Downside here is overdue. The summation index turned lower today. OEX puts could be the next trade. We'll see. I'd like to see some sideways movement before we head down. That would be the ideal scenario. I'll check things out over the weekend. Gold lost $12 today and the XAU fell 3 1/2. ABX, GG and NEM were all down around a buck on average volume. The dollar was stronger today. If the overall market falls, so will the gold shares. We are right at the longer term uptrend line and it doesn't look like it will hold. The weekly charts now look bearish with this past weeks price action. I may take a look at the puts here as well. Mentally I'm feeling tired, have not been getting enough sleep. Monday after expiration is sometimes just the opposite of the preceding Friday. It's a holiday, so Tuesday will replace Monday. If we see some upside it could be time to start closely looking at the puts. For now it's the weekend and time for some much needed rest.

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